Hong Kong Fintech Ecosystem Report

PART I: HONG KONG FINTECH AT A GLANCE 7 Adapted from Hong Kong towards a Leading Global Fintech Hub – Best Practices and Recommendations through Examining Other World Hubs . HKUST Business School. Participants of the Hong Kong Fintech Ecosystem Government Market Education Policy bureaus - Financial Services and the Treasury Bureau (FSTB) - Innovation, Technology and Industry Bureau (ITB) Fintech companies Universities - Local universities that offer fintech and related trainings Banks and financial institutions Technology companies Regulators - Hong Kong Monetary Authority (HKMA) - Insurance Authority (IA) - Securities and Futures Commission (SFC) Investors E.g., angel investors, accelerators & incubators, banks, peer-to-peer lenders, personal investors, venture capitalists, etc. Professional institution E.g., Asia Pacific Financial Services Association (APFinSA), Chartered Alternative Investment Analyst (CAIA), Chartered Financial Analyst (CFA), Chartered Institute for Securities & Investment (CISI) Ecosystem partners E.g., Hong Kong Applied Science and Technology Research Institute (ASTRI), Cyberport, Hong Kong Productivity Council (HKPC), Hong Kong Trade Development Council (HKTDC), Hong Kong Science and Technology Parks (HKSTP), InvestHK, Financial Services Development Council (FSDC) Corporates SMEs Industry associations E.g., FinTech Association of Hong Kong (FTAHK), Hong Kong Association of Banks (HKAB) Consumers Other training providers Currently, there are over 1,100 fintech companies operating in Hong Kong. The city is home to more than ten unicorns, positioning it as one of the most productive markets for fintech startups to scale rapidly.¹7 Notable fintech unicorns in Hong Kong include Airwallex, HashKey Group, WeLab, Micro Connect and ZA Group. Additionally, Bowtie, Qupital and Reap are among the twelve Asian fintech companies on the 2023 Forbes Asia 100 to Watch list. Airwallex and WeLab have also been recognized among the world’s top 191 fintech unicorns in 2024.¹8 17. Ibid 18. https://www.failory.com/startups/fintech-unicorns